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Sweden’s NetEnt, which makes online slot machines and roulette games, wants to double its share of the global market to 30% despite doubts about whether it can sustain its rapid growth and an uncertain US regulatory landscape.
It is to be noted that NetEnt is one of a cluster of tech firms in Stockholm which are punching above their weight globally, the best known being music streaming site Spotify. It was founded 20 years ago by Pontus Lindwall whose father built Sweden’s largest restaurant casino operator and whose mother was a croupier.
It is to be mentioned that the Swedish firm has recently signed contracts with casino operators in the United States, Britain and Spain to produce online games ranging from blackjack to poker. Earnings rose more than 50% last year and the share price doubled to give a market value of around $2 billion.
NetEnt employs 750 people in Sweden and Malta and is expanding to Krakow and Kiev to find programmers. Its biggest competitors are London-listed Playtech, founded by Israeli billionaire Teddy Sagi, and privately owned Microgaming Software Systems.
With the global industry expanding about 10% annually, some analysts ask whether NetEnt can keep up its rapid rate of growth after revenues jumped by a third last year.
It is one of a number of gambling companies that have bet on a loosening of the rules in the US market.